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The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) - ‘Housing for All’ is a home loan scheme launched by our honourable Prime Minister Shri Narendra Modi. The scheme envisions 'Housing for All' by the year 2022. It benefits people belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II (MIG-II) of society. Beneficiaries availing this scheme are eligible to avail interest subsidy on the purchase or construction of a house or the enhancement of dwelling unit.
All Statutory Towns as per Census 2011 and towns notified subsequently will be eligible for coverage under the Scheme.
How to apply
The borrower can apply for the Housing Loans and CLSS subsidy through the PLIs (Prime Lending Institutions), in this case, Indiabulls Home Loans. We will perform due diligence and check the fulfilment of the eligibility criteria for the scheme. If the required criteria are satisfied, Indiabulls Home Loans will submit the borrowers claim to Central Nodal Agency (CNA). The CNA processes the claim and releases the subsidy amount through us. Indiabulls Home Loans thereafter, adjust the same by crediting to the borrower’s Loan account resulting in reduced loan outstanding and the effective EMI.
|Annual Household Income (Rs.)||Categories||Interest Subsidy (%)||Subsidy Calculated on Max. Loan of (Rs.)||Max. Interest Subsidy of||Max. Carpet Area of the Property|
|Upto 3 lakh||EWS||6.50%||6,00,000||2.67 lakh||No Limit **|
|3 lakh to 6 lakh||LIG||6.50%||6,00,000||2.67 lakh||No Limit **|
|6 lak to 12 lakh||MIG-1||4.00%||9,00,000||2.35 lakh||1291 sq. ft.|
|12 lakh to 18 lakh||MIG-2||3.00%||12,00,000||2.30 lakh||1614 sq. ft.|
** For purchase/construction of new property
The Subsidy once released will be directly credited to the borrower’s account and adjusted against the principal loan amount of the borrower. Hence the outstanding principal of loan will get reduced, resulting in reduced Equated Monthly Installment (EMI).
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